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Retail Industry in India Is Expected to Grow Rapidly in the Next Few Years with the Introduction of FDI in to Retail

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Retail Industry in India Is Expected to Grow Rapidly in the Next Few Years with the Introduction of FDI in to Retail INDUSTRIAL PROJECT By Jayanthi Nettam Manish Prasad Ramya Venkat Sibi Rajan TABLE OF CONTENTS EXECUTIVE SUMMARY ....................................................................................................................................................................... 2 INDUSTRY OVERVIEW ......................................................................................................................................................................... 3 EVOLUTION OF RETAIL INDUSTRY – WORLD SCENARIO ........................................................................................................... 4 EVOLUTION OF RETAIL INDUSTRY - INDIAN SCENARIO ............................................................................................................ 5 INDUSTRY RETAIL INDUSTRY ANALYSIS ...................................................................................................................................... 8 RETAIL FORMAT IN INDIA ................................................................................................................................................................ 12 CONSUMER PURCHASING BEHAVIOR ........................................................................................................................................... 13 STRATEGIES ADOPTED BY INDIAN RETAILERS FOR SALES MAXIMIZATION ..................................................................... 14 CONSUMER DURABLES ..................................................................................................................................................................... 15 CROMA ................................................................................................................................................................................................... 17 RELIANCE DIGITAL............................................................................................................................................................................. 20 FDI POLICY FRAMEWORK ................................................................................................................................................................. 21 EVOLUTION OF FDI IN MULTI BRAND RETAIL TRADE (mbrt) ................................................................................................... 24 1 EXECUTIVE SUMMARY This report aims to study about the retail sector in India and across the globe. We have tried to analyze the past, present and the future trends in the Indian retail industry with relevant information from various sources. Like any new green field industry in India, modern retail has also seen an outbreak of activities with entrepreneurs and corporate across geographies setting up their ventures in various categories and formats in the last 4-5 years. While most of them are still in their testing and figuring out the right retail models, some have taken the early lead based on understanding of the local consumers and investment in the back-end. The industry is still in its early stage in India, compared to its development in other parts of the world. There have been few instances of store closures due to sub-optimal location or poor execution, we feel that the market is still open and a significant business opportunity lies ahead for the retailers. While retailers are working on multiple formats across categories trying to identify the right retail model for themselves, the performance across formats will vary as each retail format has its own unique financial as well as operating performance metrics such as gross margin, operating cost, space productivity etc. This report also compares these attributes of modern retailing amongst a few set of players in the market and has aimed to bring out the distinction between them. On a broad basis, this report covers various aspects of the retail industry and its significance in the Indian market .With a current market size of US $450 bn the retail industry in India is expected to grow rapidly in the next few years with the introduction of FDI in to retail. The change in contours of the industry has driven a change in customer expectations as well, impacting retailers to strategize their stores across various retail categories. The above said developments and many others have been dealt with in this report, with a view of providing a complete insight of the industry .Although data have been taken from various sources, the discrepancies in the data cannot be ruled out due to insufficient authentication from industry sources. However, we hope that this report would be useful to study the general industry structure, its present and future trends and outlook in the coming years. This compares the attributes of modern retailing amongst a few retail players in the Electronics sector available in the market and try to extract the distinction between them. Although data have been taken from various sources, the discrepancies in the data cannot be ruled out due to insufficient authentication from industry sources. However, we hope that this report would be useful to study the general industry structure, its present and future trends and outlook in the coming years. 2 INDUSTRY OVERVIEW India is one of the most desirable retail destinations in the world. India’s twin growth engines of economic growth and demographic profile set it apart from other nations and present a compelling business case for global retailers looking to enter the market. India has a large and aspirational middle-class of 75 million households or 300 million individuals. Middle-class consumers want products which are value-driven. India also has 500 million Indians under the age of 25. Young Indians are driving purchases in mobile phones, fashion, accessories, food and beverages, quick service restaurants, etc. Young Indians have access to more money than before and with this has come independence, aspirations and a demand for products. According to the 2010 World Wealth Report by Cap Gemini and Merrill Lynch Wealth Management, the rise in the total number of millionaires (or Indians with investible assets, excluding main residence and consumer durables, of more than US$ 1 million) grew almost 51%, the second fastest in the Asia-Pacific region. The 700 million Indians residing in rural India are an opportunity that retail and consumer (R&C) companies cannot ignore. Penetration levels for several products, such as personal care, hair care, skin care, consumer durables and electronics are low in rural India. Retail and consumer companies who localize their products for this market, with regard to price points, packaging, stock-keeping units (SKU) size, promotion, will succeed. Indian consumers are driving purchases in: • Two-wheelers • Skin care • Hair care • Apparel • Accessories • Mobile phones Since 2005-06, India has been growing at an average GDP of 8.6%. Foreign investment into India is increasing, Indian companies are stepping outside their national borders to acquire companies overseas, incomes are increasing and capital markets are buoyant reflecting the strength of the company. Studies have also ranked Indian consumers as some of the most confident in the world. The more confident consumers are about the strength of the economy, their personal finances, their career growth, etc., the more they will increase their consumption, purchase non-essential products, experiment with products, brands, categories, etc. 3 EVOLUTION OF RETAIL INDUSTRY – WORLD SCENARIO The retail industry emerged in the US in the eighteenth century, restricted to general stores. Specialty stores were developed only in those areas that had a population of above 5,000. Supermarkets flourished in the US and Canada with the growth of suburbs after World War II. The modern retail industry is booming across the world. Revenues from retail sales in the US alone stood at $4.48 trillion in 2007, according to a report by the US Census Bureau. Of the world’s top ten retail companies in terms of total sales, six are American. Combined sales of the top ten companies, computed by Deloitte, were $978.5 billion in 2007. Major retail giants include Wal-Mart, Target, Home Depot and Tesco. 4 EVOLUTION OF RETAIL INDUSTRY - INDIAN SCENARIO Retail in India – Past Before the decade of eighties, India with hundreds of towns and cities was a nation striving for development. The evolution was being witnessed at various levels and the people of the nation were learning to play different roles as businessmen and consumers. The foundation for a strong economy were being laid, youth were beckoning new awareness in all spheres. And this brought in an opportunity for retail industry to flourish. First in the metros and major cities later to impact sub urban and rural market as well. Retailing in India at this stage was completely unorganized and it thrived as separate entities operated by small and medium entrepreneurs in their own territories. There was lack of international exposure and only a few Indian companies explored the retail platform on a larger scale. From overseas only companies like Levi's, Pepe, Marks and Spencer etc. had entered targeting upper middle and rich classes of Indians. However as more than 50 % population was formed by lower and lower middle class people, the market was not completely captured. This was later realized by brands like Big Bazaar and Pantaloons who made their products and services accessible to all classes of people and today the success of these brands proves the potential of Indian
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